Date: 9/21/97 11:26 AM
Chairman Arthur Levitt
Securities and Exchange Commission
Judiciary Plaza
450 5th Street, NW,
Washington, DC 20549
Regarding File No. S7-25-97, I am writing to urge your continued support for
the Securities and Exchange Commission's proposal for a change in the rules
governing shareholders' rights regarding company policy--particularly as it
impacts job discrimination on the basis of sexual orientation.
The SEC took a significant step towards empowering those who hold stock in
companies to demand consideration of social policy questions, in reversing a
chain of decisions that began with protests against Cracker Barrel
Restaurants, one of the most blatant instances of anti-gay discrimination of
recent times.
As one voice in the public comment, I support the Commission's September 18
vote to recommend adoption of a policy making it easier for issues proposed
by shareholders on a broader range of topics to be voted on with more
stringent rules applied each time a matter is brought up for reconsideration.
I am pleased that many matters which do not currently qualify as "relevant"
--including employment discrimination against gays and lesbians -- could be
raised by holders of 3% of a company's stock.
Your current policies rob the middle class of influence to pay the rich. As
a small shareholder, your current Commission policy is one more tool to
reduce my influence on company policy far below my percentage shares of
company stock. Regardless of your policies, I would lack access to
influence management recommendations, could not fly to most shareholder
meetings to participate in debate, but under your current policy, I cannot even
vote on many critical company policy issues on my proxy. You have collaborated
in barring eligible--but less priveleged--voters from the ballot box. (That
puts you in company with the likes of many Southern small town white sherriffs
in the 1960's.) I am glad that you--like George Wallace--finally repented!
On October 11, 1997, when the SEC reports back to the Congress, I want to
hear a clear message that this policy will be reformed to allow free proxy
elections on all issues brought before the shareholders meetings.
Please write to let me know the outcome.
Curt Hicks
5914 W Race
Chicago, IL 60644